Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Open Gross Derivative Volumes By Commodity Type

The following table presents open gross commodity contract volumes by commodity type as of September 30, 2013, and December 31, 2012:

	Quantity (in millions, except as indicated)
Commodity	Accrual & NPNS Contracts(a)		Other Derivatives(b)		Derivatives That Qualify for Regulatory Deferral(c)
	2013	2012	2013	2012	2013	2012
Coal (in tons)
Ameren Missouri & Ameren	81	96	(d)	(d)	(d)	(d)
Fuel oils (in gallons)(e)
Ameren Missouri & Ameren	(d)	(d)	(d)	(d)	60	70
Natural gas (in mmbtu)
Ameren Missouri	2	4	—	—	29	19
Ameren Illinois	6	16	(d)	(d)	115	128
Ameren	8	20	—	—	144	147
Power (in megawatthours)
Ameren Missouri	3	3	1	2	5	9
Ameren Illinois	15	21	(d)	(d)	11	14
Ameren	18	24	1	2	16	23
Renewable energy credits(f)
Ameren Missouri	3	3	(d)	(d)	(d)	(d)
Ameren Illinois	11	12	(d)	(d)	(d)	(d)
Ameren	14	15	(d)	(d)	(d)	(d)
Uranium (pounds in thousands)
Ameren Missouri & Ameren	4,516	5,142	(d)	(d)	996	446

(a) Accrual contracts include commodity contracts that do not qualify as derivatives. As of September 30, 2013, these contracts ran through December 2017, March 2015, September 2024, May 2032, and October 2024 for coal, natural gas, power, renewable energy credits, and uranium, respectively.

(b) As of September 30, 2013, these contracts ran through December 2014 for power.

(c) As of September 30, 2013, these contracts ran through October 2015, October 2019, May 2032, and October 2016 for fuel oils, natural gas, power, and uranium, respectively.

(d) Not applicable.

(e) Fuel oils consist of heating oil, ultra-low sulfur diesel, and crude oil.

(f) A renewable energy credit is created for every one megawatthour of renewable energy generated. The Ameren Companies’ contracts include renewable energy credits from solar and wind-generated power.

Derivative Instruments Carrying Value

The following table presents the carrying value and balance sheet location of all derivative instruments as of September 30, 2013, and December 31, 2012:

	Balance Sheet Location		Ameren		Ameren Missouri		Ameren Illinois
2013
Derivative assets not designated as hedging instruments(a)
Commodity contracts:
Fuel oils	Other current assets	$	6	$	6	$	—
	Other assets		2		2		—
Natural gas	Other current assets		1		1		—
Power	Other current assets		30		30		—
	Other assets		1		1		—
Uranium	Other current assets		1		1		—
	Total assets	$	41	$	41	$	—
Derivative liabilities not designated as hedging instruments(a)
Commodity contracts:
Fuel oils	MTM derivative liabilities	$	3	$	(b)	$	—
	Other current liabilities		—		3		—
	Other deferred credits and liabilities		1		1		—
Natural gas	MTM derivative liabilities		45		(b)		38
	Other current liabilities		—		7		—
	Other deferred credits and liabilities		30		6		24
Power	MTM derivative liabilities		13		(b)		10
	Other current liabilities		—		3		—
	Other deferred credits and liabilities		84		—		84
Uranium	MTM derivative liabilities		4		(b)		—
	Other current liabilities		—		4		—
	Other deferred credits and liabilities		2		2		—
	Total liabilities	$	182	$	26	$	156
2012
Derivative assets not designated as hedging instruments(a)
Commodity contracts:
Fuel oils	Other current assets	$	8	$	8	$	—
	Other assets		4		4		—
Natural gas	Other current assets		1		—		1
	Other assets		1		1		—
Power	Other current assets		14		14		—
	Other assets		1		1		—
	Total assets	$	29	$	28	$	1
Derivative liabilities not designated as hedging instruments(a)
Commodity contracts:
Fuel oils	MTM derivative liabilities	$	2	$	(b)	$	—
	Other current liabilities		—		2		—
	Other deferred credits and liabilities		2		2		—
Natural gas	MTM derivative liabilities		64		(b)		56
	Other current liabilities		—		8		—
	Other deferred credits and liabilities		45		7		38
Power	MTM derivative liabilities		25		(b)		21
	Other current liabilities		—		4		—
	Other deferred credits and liabilities		90		—		90
Uranium	MTM derivative liabilities		1		(b)		—
	Other current liabilities		—		1		—
	Other deferred credits and liabilities		1		1		—
	Total liabilities	$	230	$	25	$	205

(a) Includes derivatives subject to regulatory deferral.

(b) Balance sheet line item not applicable to registrant.

Cumulative Pretax Net Gains (Losses) On All Derivative Instruments In OCI

The following table presents the cumulative amount of pretax net gains (losses) on all derivative instruments deferred in regulatory assets or regulatory liabilities as of September 30, 2013, and December 31, 2012:

	Ameren			Ameren Missouri			Ameren Illinois
2013
Cumulative gains (losses) deferred in regulatory liabilities or assets:
Fuel oils derivative contracts(a)	$	1		$	1		$	—
Natural gas derivative contracts(b)	(74		)	(12		)	(62		)
Power derivative contracts(c)	(67		)	27			(94		)
Uranium derivative contracts(d)	(5		)	(5		)	—
2012
Cumulative gains (losses) deferred in regulatory liabilities or assets:
Fuel oils derivative contracts(a)	$	4		$	4		$	—
Natural gas derivative contracts(b)	(107		)	(14		)	(93		)
Power derivative contracts(c)	(99		)	12			(111		)
Uranium derivative contracts(d)	(2		)	(2		)	—

(a) Represents net gains (losses) on fuel oils derivative contracts at Ameren Missouri. These contracts are a partial hedge of Ameren Missouri’s transportation costs for coal through October 2015 as of September 30, 2013. Current gains deferred as regulatory liabilities include $3 million and $3 million at Ameren and Ameren Missouri, respectively, as of September 30, 2013. Current losses deferred as regulatory assets include $1 million and $1 million at Ameren and Ameren Missouri, respectively, as of September 30, 2013.

(b) Represents net losses associated with natural gas derivative contracts. These contracts are a partial hedge of natural gas requirements through October 2019 at Ameren and Ameren Missouri and through March 2017 at Ameren Illinois as of September 30, 2013. Current gains deferred as regulatory liabilities include $1 million, and $1 million at Ameren and Ameren Missouri, respectively, as of September 30, 2013. Current losses deferred as regulatory assets include $45 million, $7 million, and $38 million at Ameren, Ameren Missouri and Ameren Illinois, respectively, as of September 30, 2013.

(c) Represents net gains (losses) associated with power derivative contracts. These contracts are a partial hedge of power price requirements through May 2032 at Ameren and Ameren Illinois and through December 2015 at Ameren Missouri as of September 30, 2013. Current gains deferred as regulatory liabilities include $29 million and $29 million at Ameren and Ameren Missouri, respectively, as of September 30, 2013. Current losses deferred as regulatory assets include $13 million, $3 million, and $10 million at Ameren, Ameren Missouri and Ameren Illinois, respectively, as of September 30, 2013.

(d) Represents net losses on uranium derivative contracts at Ameren Missouri. These contracts are a partial hedge of Ameren Missouri’s uranium requirements through October 2016 as of September 30, 2013. Current gains deferred as regulatory liabilities included $1 million and $1 million at Ameren and Ameren Missouri, respectively, as of September 30, 2013. Current losses deferred as regulatory assets include $4 million and $4 million at Ameren and Ameren Missouri, respectively, as of September 30, 2013.

Offsetting Derivative Assets and Liabilities

The following table provides the recognized gross derivative balances and the net amounts of those derivatives subject to an enforceable master netting arrangement or similar agreement as of September 30, 2013, and December 31, 2012:

			Gross Amounts Not Offset in the Balance Sheet
	Gross Amounts Recognized in the Balance Sheet		Derivative Instruments		Cash Collateral Received/Posted(a)		Net Amount
2013
Commodity contracts eligible to be offset:
Assets:
Ameren	$	41	$	11	$	—	$	30
Ameren Missouri	41		11		—		30
Ameren Illinois	—		—		—		—
Liabilities:
Ameren	$	182	$	11	$	32	$	139
Ameren Missouri	26		11		8		7
Ameren Illinois	156		—		24		132
2012
Commodity contracts eligible to be offset:
Assets:
Ameren	$	29	$	10	$	—	$	19
Ameren Missouri	28		9		—		19
Ameren Illinois	1		1		—		—
Liabilities:
Ameren	$	230	$	10	$	65	$	155
Ameren Missouri	25		9		7		9
Ameren Illinois	205		1		58		146

(a) Cash collateral received reduces gross asset balances and is included in “Other current liabilities” and “Other deferred credits and liabilities” on the balance sheet. Cash collateral posted reduces gross liability balances and is included in “Other current assets” and “Other assets” on the balance sheet.

Maximum Exposure If Counterparties Fail To Perform On Contracts

The maximum exposure is based on the gross fair value of financial instruments, including accrual and NPNS contracts, which excludes collateral held, and does not consider the legally binding right to net transactions based on master trading and netting agreements.

	Commodity Marketing Companies		Electric Utilities		Financial Companies		Municipalities/ Cooperatives		Total
2013
Ameren Missouri	$	1	$	1	$	7	$	2	$	11
Ameren Illinois	—		—		—		—		—
Ameren	$	1	$	1	$	7	$	2	$	11
2012
Ameren Missouri	$	2	$	3	$	14	$	3	$	22
Ameren Illinois	—		—		1		—		1
Ameren	$	2	$	3	$	15	$	3	$	23

Potential Loss On Counterparty Exposures

The following table presents the potential loss after consideration of collateral and application of master trading and netting agreements as of September 30, 2013, and December 31, 2012:

	Commodity Marketing Companies		Electric Utilities		Financial Companies		Municipalities/ Cooperatives		Total
2013
Ameren Missouri	$	1	$	—	$	2	$	2	$	5
Ameren Illinois	—		—		—		—		—
Ameren	$	1	$	—	$	2	$	2	$	5
2012
Ameren Missouri	$	1	$	1	$	10	$	3	$	15
Ameren Illinois	—		—		—		—		—
Ameren	$	1	$	1	$	10	$	3	$	15

Derivative Instruments With Credit Risk-Related Contingent Features

The additional collateral required is the net liability position allowed under the master trading and netting agreements, assuming (1) the credit risk-related contingent features underlying these agreements were triggered on September 30, 2013, or December 31, 2012, respectively, and (2) those counterparties with rights to do so requested collateral:

	Aggregate Fair Value of Derivative Liabilities(a)		Cash Collateral Posted		Potential Aggregate Amount of Additional  Collateral Required(b)
2013
Ameren Missouri	$	69	$	1	$	63
Ameren Illinois	101		24		70
Ameren	$	170	$	25	$	133
2012
Ameren Missouri	$	78	$	3	$	71
Ameren Illinois	148		58		84
Ameren	$	226	$	61	$	155

(a) Prior to consideration of master trading and netting agreements and including NPNS contract exposures.

(b) As collateral requirements with certain counterparties are based on master trading and netting agreements, the aggregate amount of additional collateral required to be posted is determined after consideration of the netting effects of such agreements.

Derivatives That Qualify For Regulatory Deferral

The following table represents the net change in market value for derivatives that qualify for regulatory deferral for the three and nine months ended September 30, 2013, and 2012:

		Gain (Loss) Recognized in Regulatory Liabilities or Regulatory Assets
		Three Months						Nine Months
		2013			2012			2013			2012
Ameren	Fuel oils	$	1		$	5		$	(3	)	$	(9	)
	Natural gas	9			46			33			74
	Power(a)	(24		)	(6		)	32			(169		)
	Uranium	(2		)	(1		)	(3		)	(1		)
	Total	$	(16	)	$	44		$	59		$	(105	)
Ameren Missouri	Fuel oils	$	1		$	5		$	(3	)	$	(9	)
	Natural gas	—			6			2			9
	Power	(10		)	(6		)	15			(3		)
	Uranium	(2		)	(1		)	(3		)	(1		)
	Total	$	(11	)	$	4		$	11		$	(4	)
Ameren Illinois	Natural gas	$	9		$	40		$	31		$	65
	Power	(14		)	56			17			(25		)
	Total	$	(5	)	$	96		$	48		$	40

(a) Amounts include intercompany eliminations.